Armenia Receives $5 Million to Stimulate Economic Growth

YEREVAN (Armenpress)–The World Bank pledged to release a $5 million loan to Armenia to set up a industrial incubator core facility. The agreement was signed in the last week of 2001 by the Trade and Industry Minister Karen Chshmaritian and World Bank country resident Saadat Oweisse.

The facility will focus on stimulating the development of newly set up computer programming companies. It is expected to enhance economic growth–to satisfy the growing demand for specialists in information technologies filed–and to create equal market for domestic and foreign companies.

"This is a clear sign of the developing relations and mutual confidence between the World Bank and the Armenian government," he said–adding that a similar program would be designed for other industries–if the first one proves to be a success.

Oweisse said the entire program was designed in one year–which he said was "unprecedented." Another "unprecedented" event was that the agreement was signed in Armenia (all previous loan agreemen’s were signed in Washington).

The loan is provided for a 40 years maturity period with a ten year grace period and at 0.75 percent annual interest rates.

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